Rupee falls to over two-year low

Mumbai: The rupee fell to a more than two-year low on Wednesday, inching closer to a record low of 68.85 hit in August 2013, as a continued fall in global oil prices raised concerns about the global economy.

A currency exchange dealer counts US dollar banknotes.

The rupee fell to 68 per dollar, its weakest level since Sept. 4, 2013, but pulled back as state-owned banks were spotted selling dollars likely on behalf of the Reserve Bank of India, three dealers told Reuters.

The rupee had hit a record low of 68.85 in August 2013, when the country was in the midst of its worst currency turmoil since the balance of payment crisis.

At 11:22 a.m., the rupee was trading at 67.9725/9800, compared with Tuesday’s close of 67.6450/67.6550.